Cboe, the Chicago Board Options Exchange, approved the listing of the 21Shares XRP spot ETF for trading on December 12, with the trading code TOXR. This marks the third major cryptocurrency spot ETF product in the U.S. market, following Bitcoin and Ethereum ETFs, symbolizing a new stage in the integration of traditional finance and digital assets.

The initial scale of the 21Shares XRP ETF is quite substantial, with seed funding reaching 100 million XRP tokens, equivalent to approximately $226 million at the time of the market price. The management fee is set at an annual rate of 0.30%, which is comparable to the fee levels of mainstream crypto ETFs. The fund's custodians include industry leaders Coinbase Custody and BitGo, providing dual security for investors' assets.

From a market performance perspective, the overall management scale of U.S. XRP ETF products has approached the $1 billion mark, maintaining a remarkable record of zero net outflow days since its launch. This reflects investors' long-term value recognition of XRP as a payment and cross-border settlement tool, especially after Ripple achieved a milestone victory in its legal battle with the U.S. Securities and Exchange Commission (SEC), significantly enhancing XRP's compliance status.

From a technical analysis perspective, the XRP Ledger, designed specifically for payments, boasts a processing capacity of 1,500 transactions per second and a confirmation time of 3-5 seconds, showing a clear advantage over Bitcoin and Ethereum in payment scenarios. Additionally, the total supply of XRP is 100 billion, with approximately 55 billion already in circulation. The XRP held by Ripple is released periodically through a custody mechanism, resulting in high transparency on the supply side.

It is noteworthy that 21Shares, as a leading European crypto ETP issuer, has extensive experience in traditional financial markets. The launch of the XRP ETF further enriches its product line in the U.S. market. With more cryptocurrency ETFs expected to be approved, 2025 is anticipated to be a critical year for the explosion of crypto ETF products, providing investors with more diversified tools to participate in this emerging asset class.